S&P Global Ratings assigned its 'AA+' long-term rating to King County, Wash.'s anticipated $125 million series 2023 sewer revenue bonds, issued for the county's wastewater treatment division (WTD). S&P Global Ratings also affirmed its 'AA+' long-term rating on the county's parity lien sewer revenue bonds, and its 'AA' long-term rating and underlying rating (SPUR) on the county's junior-lien sewer revenue bonds. The outlook, where applicable, is stable. The bonds are being issued to fund various capital improvement projects of the WTD. A rate covenant requires the system to generate debt service coverage (DSC) on parity bonds (senior-lien bonds) and parity lien obligations of at least 1.15x and on junior-lien and multimodal limited-tax general obligation (LTGO)/sewer bonds at 1.10x. The county
